10 Questions to Ask a Strata Corporation

Ten questions to ask a strata corporation

1 What bylaws and restrictions govern the property? Are there grandfathered clauses?

2 What is the date of the last depreciation report? Is a copy available?

3 Have engineering reports been done on the strata and are reports available?

4 How much is in the contingency reserve fund? How are funds invested?

5 How much are the monthly strata fees and what do they cover, for example, common area maintenance, recreational facilities, garbage collection, hot water, heat, cable?

6 What repairs have been made in the last decade, for example, major plumbing, roof, windows?

7 Have there been special assessments in the past five years? What did they cover and what was the cost per unit?

8 What percentage of units are owner occupied? What percentage are rental units?

9 Is there pending litigation, for example, for leaky condominium repairs?

10 What is the deductable on an individual unit?

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